Merchants' accumulated surplus: Intending to list and transfer the controlling stake of 60% of the shares of its subsidiary Hengyang Zhonghang.

China Merchants announced on November 11th that the company plans to use 1.6756 million yuan as the listing price to publicly sell 60% of the equity held by the company's controlling subsidiary, Hengyang Zhonghang Real Estate Co., Ltd., through the Beijing Property Rights Exchange. If the transaction is successfully completed, the company will no longer hold the equity of Hengyang Zhonghang, and the company's commitments related to the disposal of existing real estate development projects will be fulfilled. If the transaction is completed at the listing price, the equity transfer transaction and related debt reconciliation are expected to reduce the company's consolidated net profit attributable to the parent for the year 2025 by approximately 264 million yuan.